Reps to Summon CBN Governor Cardoso Over Alleged Pension Agreement Breaches

The House of Representatives has resolved to summon the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, over alleged breaches of pension agreements and failure to pay outstanding benefits to retired employees of the apex bank.

The resolution followed the adoption of a motion during plenary on Tuesday, November 3, 2026, titled Need to Investigate the Central Bank of Nigeria for Alleged Breach of Approved Pension Agreements, Non-Implementation of Harmonisation Policy and Exclusion of Pensioners from General Pension Increases.

The motion was sponsored by Hussaini Jallo, who represents Igabi Federal Constituency of Kaduna State. Presenting it, the lawmaker expressed concern over alleged violations of agreements guiding pension entitlements and the welfare of retired CBN employees.

Jallo said the alleged failure to implement the harmonisation policy had created disparities in pension payments and resulted in accumulated arrears, leaving affected retirees in financial hardship.

“The House is concerned that the alleged non-implementation and faulty execution of the harmonization policy may have led to disparities in pension benefits and the accumulation of unpaid arrears,” he said.

The lawmaker also alleged that some pensioners had been excluded from general pension increases because of additional requirements which might not be supported by existing laws, agreements or approved pension policies.

He disclosed that the number of CBN pensioners had declined from 5,104 in 2011 to approximately 3,000, representing a reduction of more than 2,100 retirees. He warned that prolonged delays in pension payments could expose elderly retirees to poverty, ill health and preventable deaths.

The motion received overwhelming support through a voice vote during plenary presided over by Speaker Tajudeen Abbas. Following its adoption, the House urged the CBN and relevant authorities to verify and pay outstanding pension arrears owed to eligible retirees within a clearly defined period.

Lawmakers also called for the extension of applicable general pension increases to qualified pensioners in line with existing laws.

The House subsequently resolved to invite Cardoso, relevant CBN officials, pension administrators, regulators and representatives of affected pensioners to explain the situation and provide supporting documents. It also mandated its Committee on Pension to investigate the alleged breaches, examine the non-implementation of the harmonisation policy, determine the outstanding arrears and establish whether the exclusion of some pensioners from general increases complies with existing laws and approved policies.